ANDRITZ GROUP: results for Q May 4, 2016

Transcription

1 ANDRITZ GROUP: results for Q May 4, 2016

2 Group sales down, mainly due to HYDRO and PULP & PAPER SALES (MEUR) SALES by business area (MEUR) Q Q /- -9% HYDRO % PULP & PAPER % 1,404 1,286 METALS % SEPARATION % SALES by region (%) Q Q Europe 37% 38% Well-balanced geographical exposure North America 22% 19% South America 14% 15% Asia (ex. China) 12% 13% China 10% 12% Emerging markets: 41% 1,286 MEUR Europe/North America: 59% Others* 5% 3% Q Q * Africa and Australia 2

3 Group order intake down: Strong development in PULP & PAPER cannot offset decline in HYDRO and METALS ORDER INTAKE (MEUR) ORDER INTAKE by business area (MEUR) Q Q /- -13% HYDRO % PULP & PAPER % 1,431 1,247 METALS % SEPARATION % ORDER INTAKE by region (%) Q Q Europe 39% 40% Stable geographical split China 21% 15% North America 21% 21% Asia (ex. China) 9% 11% South America 7% 11% Emerging markets: 40% 1,247 MEUR Europe/North America: 60% Others* 3% 2% Q Q * Africa and Australia 3

4 Group order backlog Slightly down compared to end of last year Order backlog (as of end of period in MEUR) -8% 2013: 7, : 7,511 Q1 2015: 7, : 7,324 Q1 2016: 7,148-2% Order backlog by business area (as of end of period in MEUR) Q Q /- HYDRO 3,441 3,857-11% PULP & PAPER 2,045 1,920 +7% HYDRO and PULP & PAPER account for 77% of total backlog HYDRO: 48% PULP & PAPER: 29% METALS: 18% SEPARATION: 5% METALS 1,291 1,623-20% SEPARATION % 4

5 Earnings and profitability significantly up, especially in PULP & PAPER and HYDRO EBITA (MEUR) Despite decline in sales, EBITA increased to 83.9 MEUR (+14.3% vs. Q1 2015: 73.4 MEUR); EBITA margin at satisfactory level of 6.5% (Q1 2015: 5.2%). +14% 83.9 Significant improvement of profitability in PULP & PAPER (8.8%) due to increased share of service business; HYDRO also increased profitability to 6.4% Profitability of METALS, at 5.2%, below last year s reference period due to earnings decline in the METALS ex Schuler segment; profitability of Schuler at good level, slightly up compared to Q SEPARATION still at unsatisfactory level (2.1%) due to lower sales. EBITA margin (%) Q % Q % Q Q

6 Key figures Q at a glance Unit Q Q1 2015* +/ Order intake MEUR 1, , % 6,017.7 Order backlog (as of end of period) MEUR 7, , % 7,324.2 Sales MEUR 1, , % 6,377.2 EBITDA MEUR % EBITA MEUR % EBIT MEUR % EBT MEUR % Financial result MEUR % 7.3 Strong development of operating cash flow Net income (including non-controlling interests) MEUR % Cash flow from operating activities MEUR % Capital expenditure MEUR % Equity ratio % Liquid funds MEUR 1, , % 1,449.4 Net working capital back to normal level (compared to end of last year) Net liquidity MEUR 1, , % Net working capital MEUR % EBITDA margin % EBITA margin % EBIT margin % Employees (as of end of period; without apprentices) - 24,195 24, % 24,508 * Restated 6

7 HYDRO (1) Project and investment activity remained at subdued level MODERNIZATIONS/ REHABILITATIONS Projects postponed until further notice due to unchanged low electricity and energy prices NEW HYDROPOWER PLANTS Some new planned projects expected to be awarded only in the medium term SMALL-SCALE HYDROPOWER AND PUMPS Satisfactory project activity COMPETITION Challenging market conditions for some selective projects 7

8 HYDRO (2) Order intake and sales down, earnings and profitability up Order intake significantly down due to subdued market activity and challenging market conditions for some selective projects Unit Q Q / Order intake MEUR % 1,718.7 Order backlog (as of end of period) MEUR 3, , % 3,640.9 Sales MEUR % 1,834.8 EBITDA MEUR % EBITDA margin % Despite sales drop satisfactory earnings development EBITA MEUR % EBITA margin % Employees (as of end of period; without apprentices) - 7,786 8, % 8,230 8

9 PULP & PAPER (1) Satisfactory project and investment activity MODERNIZATION AND GREENFIELD Satisfactory project and investment activity both for modernization/refurbishment projects and greenfield pulp mills BIOMASS/POWER BOILERS Unchanged subdued investment activity, especially for power boilers The ANDRITZ PrimeLineST tissue machine COMPETITION Stable competitive environment 9

10 PULP & PAPER (2) Favorable business development Unit Q Q / Order intake significantly up due to good order development in both capital and service Order intake MEUR % 2,263.9 Order backlog (as of end of period) MEUR 2, , % 1,998.6 Sales slightly down Sales MEUR % 2,196.3 EBITDA MEUR % EBITDA margin % Favorable earnings development due to increase of share of service sales EBITA MEUR % EBITA margin % Employees (as of end of period; without apprentices) - 7,516 7, % 7,324 10

11 METALS (1): continued low project activity, especially in metalforming for the automotive industry METALFORMING Several investment decisions postponed; generally low project activity STAINLESS STEEL Unchanged low project activity, only selective investments in emerging markets ALUMINUM Project and investment activity below the favorable level of the previous year COMPETITION Stable competition at challenging level Presses with the new TwinServo Technology (TST) from Schuler have fundamentally changed the world of presses 11

12 METALS (2) Subdued business development Order intake significantly below the level of Q1 2015, mainly due to postponements of investment decisions in the automotive industry Unit Q Q / Order intake MEUR % 1,438.6 Order backlog (as of end of period) MEUR 1, , % 1,332.5 Sales MEUR % 1,718.1 EBITDA MEUR % Earnings down due to lower sales as well as unsatisfactory development in the METALS ex Schuler segment; Schuler at unchanged satisfactory profitability level EBITDA margin % EBITA MEUR % 70.5 EBITA margin % Employees (as of end of period; without apprentices) - 6,158 6, % 6,160 12

13 SEPARATION (1) Mixed market development ENVIRONMENT AND CHEMICALS Satisfactory investment activity MINING AND MINERALS Low project activity FOOD Solid project activity FEED AND BIOMASS PELLETING Unchanged good project activity COMPETITION Very fragmented market with global and regional competitors ANDRITZ SEPARATION SmartFIX is a new filter cloth fastening system for filter centrifuges, enabling a reduction of both maintenance time and costs by up to 50%, performance improvement, and maximum safety for high-pressure applications. ANDRITZ RheoScan is the world s first patented, optical measurement system for belt presses and gravity belt tables, enabling a reduction of up to 40% in polymer costs. 13

14 SEPARATION (2) Lower sales impact profitability Increase in order intake mainly driven by environment and chemicals sectors; feed & biofuel stable Sales down compared to Q Unit Q Q / Order intake MEUR % Order backlog (as of end of period) MEUR % Sales MEUR % EBITDA MEUR % 31.5 EBITDA margin % As a consequence of lower sales, earnings and margins down EBITA MEUR % 22.3 EBITA margin % Employees (as of end of period; without apprentices) - 2,735 2, % 2,794 14

15 Outlook for remainder of 2016 Stable market conditions Project activity for Good project activity for Low project and Low project activity in modernizations and new modernizations and investment activity both mining to remain; hydropower stations to capacity increases to in metalforming and solid project activity in continue at level of continue, however, steel/aluminum to environment, food, 2015; satisfactory below the extraordinary continue chemicals, and market activity for high level of 2015 feed/biomass pelleting pumps to continue ANDRITZ GROUP 2016E vs. 2015: - Slight decrease of Group sales - Solid development of profitability 15